Another thing to keep in mind is that sheeting angle is also determined by the position of the mast.
The clew might not move but if you pull the mast towards you, you are also effectively sheeting out. Even worse you have now directed the lift of the sail upwards and you take off, just like the guy in the youtube clip above.

Never let go of your equipment, that will just make things worse. Instead pull on you backhand and you either make a little jump and sail on, or you'll make a partial forward loop and land on your back without any issues.